On June 1, the home mortgage balance was $129,000 for the home owned by Janet Cook. The interest rate for the loan is 8.75 percen Assuming that Janet makes the June monthly mortgage payment of $1032, calculate the following: (a) The amount of interest included in the June payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Janet makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: $0 $0
On June 1, the home mortgage balance was $129,000 for the home owned by Janet Cook. The interest rate for the loan is 8.75 percen Assuming that Janet makes the June monthly mortgage payment of $1032, calculate the following: (a) The amount of interest included in the June payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Janet makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: $0 $0
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:On June 1, the home mortgage balance was $129,000 for the home owned by Janet Cook. The interest rate for the loan is 8.75 percen
Assuming that Janet makes the June monthly mortgage payment of $1032, calculate the following:
(a) The amount of interest included in the June payment (round your answer to the nearest cent).
(b) The amount of the monthly mortgage payment that will be used to reduce the principal balance.
(c) The new balance after Janet makes this monthly mortgage payment.
(a) Interest amount:
(b) Principal reduction:
(c) New balance:
$1
$0
$0
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